Download - Gti Ibr Tax Report Final
-
8/8/2019 Gti Ibr Tax Report Final
1/28
-
8/8/2019 Gti Ibr Tax Report Final
2/28
-
8/8/2019 Gti Ibr Tax Report Final
3/28
Taxing times 2010 1
Governments around the world are under pressure
to reduce the levels of national debt that haveaccumulated during the deepest and longest
recession for a generation. This need to raise finance
has concentrated media attention on the amount of
tax paid by businesses. Headlines tend to highlight
the effective rate of tax paid by quoted companies
on their reported profits, but this rate does not
reflect the full tax burden.
All businesses pay, or help to collect, a range of
taxes in addition to the tax levied on their profits,
such as sales taxes, customs duties, employment
related taxes and social security charges. Theburden of taxation comes not only from the rate
of tax, but the requirement to administer parts of
the tax system on behalf of the local tax authority.
Privately held businesses (PHBs) make up
98 per cent of businesses worldwide but the amount
of tax they pay never makes the headlines. The
Grant Thornton International Business Report
(IBR) 2010 sought the opinions of owners and
directors of PHBs worldwide in 36 participating
key economies on the issue of tax. Specific tax
issues focused on in this report are the most
burdensome aspects of taxation and those aspects
of taxation regimes that influence choice of location
when establishing a foreign base.
The results provide a comprehensive picture of
the perceived tax burden of different groups of
taxes experienced by PHBs across the world.
Businesses in some economies, such as Hong Kong
and Singapore, are very satisfied with their local tax
systems, but PHBs in most other economies feel
burdened by at least one category of tax.
International Business Report 2010
Introduction
An emerging pattern this year is the shift in the
perceived tax burden from taxes on business profitsto employment related taxes. This may be because
business owners have been reluctant to dispense
with key workers through the recession, even
though their business has made little or no profit.
The employment related taxes paid on the workers
salaries then make up a significant part of the total
tax burden for the PHB market.
When PHBs plan to set up operations in a new
territory, tax incentives are important, but the
business owner is also looking for stability in the
local tax regime. PHBs are prepared to takeeconomic risks with a new venture but do not
always consider the tax risks, which can be
minimised with suitable forward planning.
The core message to PHBs is that they need to
move tax issues higher up the agenda when making
investment decisions in both their home markets
and in foreign jurisdictions. In the home market the
taxes may be more familiar, but the PHB needs to
be prepared to be flexible in the face of changing tax
rates and new types of tax charges.
Ian Evans
Global leader tax services
Grant Thornton International
-
8/8/2019 Gti Ibr Tax Report Final
4/28
2 Taxing times 2010
The tax climate
Tax reviews
Some Governments have recognised that theirtax system needs a thorough overhaul to allow the
local economy to compete on a global basis. In
2009 the Government of New Zealand set up a
working group to review the countrys tax system,
but there was no clear outcome from that report.
As a result the Government has not made any
significant changes to the tax system.
The Indian tax regime is subject to constant
amendment. For instance, in order to boost the
information technology sector, the Indian
government granted a ten year tax holiday tocompanies writing software that was set to expire
in March 2009. This tax holiday was extended for
two years, one year at a time. These sorts of
changes to regulations add to the uncertainty in
business planning. However, India has recently
rewritten its direct tax code, which is due to come
into effect in 2010.
In other jurisdictions governments have taken a
piece-meal approach to changing the tax system by
adding numerous amendments to the tax code, with
no overall plan of how the whole system should
work together. This is the approach taken in the
United States and it does not produce the ideal
environment for domestic or international
businesses.
Over the last two years many economies have
experienced the deepest and longest recession inliving memory. Governments have used bail-outs,
targeted loans, quantitative easing and other macro
economic methods to hold off what could have
been a longer lasting depression. Now those rescue
remedies need to be paid for, and the funds can
mostly come from tax revenues.
This means tax rates or tax policies need to
change, but how and when the changes will happen
is unclear. The commonality for PHBs across the
globe is uncertainty.
Pressure to change
The pressure to increase tax yields is putting the
structure of tax regimes under stress. Many of those
tax regimes were designed, or evolved, in a bygone
era and are not fit to serve a modern economy that
needs a fast and responsive mechanism to increase
tax revenues or provide targeted stimuli to specific
business sectors.
-
8/8/2019 Gti Ibr Tax Report Final
5/28
We are a fairly regulated economy in India but the taxadministration system is bureaucratic and at times arduousfor smaller companies. Our tax rates are not very high but
the multiple compliances for direct tax, VAT and servicetax make compliance a pain for organisations that are notlarge enough to pay a considerable professional fee forexternal assistance. The growth in the Indian economyhas occurred despite the prevailing tax system.Pallavi Joshi Bakhru
Grant Thornton, India
Taxing times 2010 3
-
8/8/2019 Gti Ibr Tax Report Final
6/28
4 Taxing times 2010
In Puerto Rico for the next three fiscal years, commercialproperty owners will have to pay an additional specialassessment of real estate property taxes. This temporary
tax increase has been imposed as part of the governmentsefforts to reduce its fiscal deficit. This has aggravated theeconomic burden of the sluggish real estate market onthe island.Maria de los Angeles Rivera
Kevane Grant Thornton, Puerto Rico
-
8/8/2019 Gti Ibr Tax Report Final
7/28
Taxing times 2010 5
Instant revenues
Governments need to raise additional tax revenuesurgently in many economies, just to service the
burgeoning public debt. They cannot wait for a
considered tax review to produce structural changes
to the tax code that may increase total tax revenue
in the long term. They need money fast and indirect
taxes are often the obvious answer.
The rates for direct taxes on business profits or
personal income normally need to be set from the
beginning of the financial year, with the tax
collected at the end of that year or some months
afterwards. So any increases in direct taxes can takeyears to generate additional funds for the
governments concerned. In contrast, increases in
the rates or scope of indirect taxes tend to produce
a fairly instant revenue stream, as the taxes are
collected by businesses on behalf of governments
on a quarterly or monthly basis.
-
8/8/2019 Gti Ibr Tax Report Final
8/28
6 Taxing times 2010
International Business Report results
Tax burdens
Business owners were asked which element of thefollowing aspects of taxation they regard as the
greatest burden for businesses in their country.
Taxes on business profits are seen as the most
burdensome tax for PHBs on a global basis, with
25 per cent of business owners citing these as the
greatest burden in their country. This is similar to
previous years 27 per cent in 2009 and 24 per cent
in 2008.
Personal taxes and employment taxes paid by
the business carry similar weight for PHBs, with
22 per cent and 23 per cent reporting these as themost burdensome tax groups respectively. This
was similar to the tax burden found in 2009 when
19 per cent of PHBs picked personal taxes and
20 per cent chose employment related taxes as the
greatest burden.
Figure 1: Most burdensome taxes perceived by businesses globally
Average percentage of businesses
Business profits 25
Employment taxes 23
Personal income tax 22
Indirect taxes 12
Gains on selling a business 4
No burdensome taxes 4
Real estate sale or transfer 2
Customs duties 1
Income taxes 1
Wealth taxes 1
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
9/28
Taxing times 2010 7
The greatest tax burden for PHBs in the US
has shifted from taxes on business profits (30 per
cent) to personal income taxes (36 per cent). In
2009 PHBs in the US ranked taxes on personal
income and business profits as equally burdensome,
with 35 per cent of PHBs citing each of those taxes
as the greatest burden. In 2009 only 11 per cent of
PHBs said employment related taxes were the
greatest burden.
In most economies there is a clear leader in
terms of which tax group is the most burdensome
for PHBs. The exception is Chile where the tax
burden is balanced equally between indirect taxes
and personal tax (at 31 per cent). In 2009 there was
an equal balance for PHBs in Spain and the UK
between employment taxes and business profit
taxes but in 2010 a clear majority of PHBs in bothSpain and the UK now believe employment taxes to
be the greatest burden.
Figure 2 shows the most burdensome taxes by
economy, with the economies ranked according to
the percentages of PHBs that report each tax group
as the most burdensome for businesses in their
country. Argentina tops the table for indirect tax
burdens with 53 per cent of PHBs citing that tax
group as the most burdensome in their country.
The number of economies where indirect tax is
perceived as the greatest burden is growing each
year, with businesses in nine countries now placing
this at the top of their list of tax burdens (compared
with five in 2008 and eight in 2009). By contrast
PHBs in just six economies report tax on business
profits as the greatest burden, compared with 11 in
2008 and 12 in 2009.
Figure 2: Most burdensome taxes by economy
Percentage of businesses
Business profits Personal income taxes Employment related taxes Indirect taxes No burdensome taxes
Japan (46%) Denmark (60%) Belgium (74%) Argentina (53%) Hong Kong (53%)
Vietnam (41%) Finland (54%) Poland (65%) Thailand (42%) Singapore (38%)
Mainland China (34%) New Zealand (38%) Sweden (52%) Mexico (41%)
Malaysia (32%) Netherlands (37%) France (52%) Taiwan (37%)
Greece (31%) Canada (37%) Brazil (45%) Botswana (36%)
Italy (23%) United States (36%) Australia (42%) Chile (31%)
South Africa (31%) Germany (39%) India (29%)
Chile (31%) Ireland (39%) Armenia (27%)
United Kingdom (38%) Philippines (25%)
Turkey (34%)
Russia (31%)
Spain (29%)
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
10/28
8 Taxing times 2010
Polish employers must pay approximately 0.67 euros in taxesand social insurance for every euro paid to their employees.Employers are obliged to calculate and pay monthly
withholding tax, social insurance and health insurance fortheir employees, taking into account the employees income,decisions on the joint taxation of spouses, and varyingamounts of tax deductions. Employers must also calculateand pay contributions to the Labour Fund, GuaranteedEmployee Benefits Fund, Fund for Rehabilitation of theDisabled and the Companys Social Fund. Labour costs andlabour laws favouring employees are therefore a seriousconstraint preventing business owners from reacting tomarket changes, including those in the labour market.Dariusz Bednarski
Grant Thornton Frckowiak, Poland
-
8/8/2019 Gti Ibr Tax Report Final
11/28
Employment related taxes
This group of taxes, paid by employers, is seen asthe greatest burden by PHBs in 12 of the 36
economies surveyed, and by 23 per cent of PHBs
globally. Businesses in Europe feel the most pain
from payroll related taxes, with 38 per cent of PHBs
reporting this group of taxes as the greatest burden.
In contrast, in the Latin American and Asia Pacific
regions employment taxes tend to have a low
profile, for example only three per cent of Chilean
businesses cite employment taxes as the top tax
burden. However, there are exceptions in every
region; for example over 40 per cent of Australianand Brazilian businesses find employment tax to
be the most burdensome.
Three quarters of Belgian PHBs surveyed
believed that employment taxes are the heaviest
tax burden for their country. This is the highest
response in respect of one group of taxes from
all the countries in the survey.
Polish businesses are also united in their
opinion of employment related taxes with 65 per
cent of PHBs reporting this group of taxes as the
greatest burden for their country.
Taxing times 2010 9
Figure 3: Employment related taxes as the greatest burden
Percentage of businesses
Belgium 74
Poland 65
Sweden 52
France 52
Brazil 45
Global average 23
India 6
Argentina 5
Denmark 5
Chile 3
Thailand 2
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
12/28
-
8/8/2019 Gti Ibr Tax Report Final
13/28
Taxing times 2010 11
In the US the tax regime is overgrown in complexity, it is outof date and is not in touch with economic reality. The US taxsystem is out of sync with tax systems in other parts of the
world. US companies suffer competitively by this system.The tax code is a burden for domestic as well as globalcompetition.Jeff Olin
Grant Thornton, United States
-
8/8/2019 Gti Ibr Tax Report Final
14/28
12 Taxing times 2010
The tax system in Vietnam has only been in
place for about 20 years, and local businesses still
resent the relatively high corporate rate of 25 per
cent imposed by central Government. Many PHB
owners feel they see no benefit from the corporate
taxes they pay.
Personal taxes
The burden of personal income taxes tends to befelt more strongly by PHBs in northern Europe
where personal income tax rates are high -
particularly in Denmark, Finland and the
Netherlands.
However, the burden of those taxes is also felt
keenly by PHB owners in countries where personal
income tax has received a lot of media attention.
This media effect is apparent in New Zealand with
38 per cent citing personal income as the most
burdensome.
No tax burdens
East Asia is the area to relocate to if you want to
reduce your business tax burden. The PHBs of
Hong Kong report a very high satisfaction rating
for their local tax system, with 53 per cent saying
there are no burdensome taxes in their country.
This is a big increase on last years results when 38
per cent of PHBs reported no burdensome taxes for
that economy. The high satisfaction stems from the
fact that a very small proportion of the population
are required to pay tax.
Satisfaction with the local tax system is also very
high in Singapore where 38 per cent of PHBs
reported no burdensome taxes. This is also a
marked increase on the 2009 figure of 18 per cent.
The tax systems of Hong Kong and Singapore are
in fact very similar, except Singapore has a goods
and services tax (GST). However, that tax does not
present a great burden with only 13 per cent of
PHBs in Singapore citing indirect taxes, (which
includes GST), as the most burdensome tax group
for their country.
Figure 6: Personal income tax as the greatest burden
Percentage of businesses
Denmark 60
Finland 54
New Zealand 38
Netherlands 37
Canada 37
Global average 22
Argentina 5
Poland 5
Japan 4
Botswana 3
Armenia 3
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
15/28
Taxing times 2010 13
Mainland China has one of the most complicated taxsystems in the world. It incorporates every possible taxincluding VAT, business tax on services, corporate and
personal taxes, plus worldwide taxes. Transfer pricing andanti-avoidance rules for multinational companies wererecently introduced and the administrative burden forthese companies has shot up. For example there are nineforms to complete to report transfer pricing. The taxregime is also moving towards greater enforcement withhigher penalties, which may be imposed on a daily basis.Rose Zhou
Grant Thornton, China
-
8/8/2019 Gti Ibr Tax Report Final
16/28
14 Taxing times 2010
Personal tax rates have been a political hot potato inNew Zealand since 2000 when the Labour Governmentput up the highest rate to 39 per cent. This high rate was
only supposed to affect the top five per cent of individualsbut fiscal drag has put more people into the top taxbracket. There has since been a one per cent reduction inthe top rate, now the top income tax rate is 38 per cent forincomes over 70,000 New Zealand dollars. High personaltax rates encourage brain drain the emigration of highlyqualified individuals to other countries, but this loss ofhome grown talent has reduced recently due to the worldwide financial crisis.Greg Thompson
Grant Thornton, New Zealand
-
8/8/2019 Gti Ibr Tax Report Final
17/28
Influence of tax when investing overseas
Business owners were asked which aspects oftaxation regimes would influence their decision
when considering establishing an operating
base outside of their home country. Respondents
could choose more than one aspect of taxation,
respond with dont know, or confirm that
taxation would not affect their decision to invest
in another country.
On average 17 per cent of business owners said
aspects of a countrys taxation regime would not
affect their decision to set up an operating branch in
that location.The responses across the globe were extremely
varied. PHBs in northern Europe were among
those least likely to focus on taxation in their
decision to invest in other counties. Over 30 per
cent of PHBs in Poland, France, Demark, Finland
and Belgium said they would not include the
taxation regime of the target country in their
decision to set up an operating base. In contrast
taxation is a far more important factor in the
investment decisions for PHBs in southern Europe,
Latin America and Asia Pacific. Less than ten per
cent of PHBs in Spain, Greece, Brazil, Argentina,
Taiwan, Japan and mainland China said taxation
would not affect their decision to invest. However,
in some of these countries there were also a very
high proportion of dont know responses, for
example: in Japan (39 per cent) and Brazil
(49 per cent).
These responses show that taxation does not
necessarily top the list of factors that PHBs
consider when deciding where to locate operations
overseas.
Taxing times 2010 15
Figure 7: Taxation would not affect my decision
Percentage of businesses
Belgium 49
Finland 48
Denmark 45
France 39
Poland 31
Global average 17
Greece 6
Brazil 5
Japan 4
Mainland China 4
Botswana 3
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
18/28
Which aspects of tax regimes are considered
when investing abroad?
Three aspects of tax regimes are given similar
weighting by PHBs that are looking to invest in
other countries:
low tax rates on business profits (39 per cent)
tax incentives, such as tax free period for five
years (41 per cent)
stability in the tax regime (38 per cent).
16 Taxing times 2010
Figure 8: Aspects of tax regimes considered when investing in
another country
Average percentage of businesses globally
A tax-free period for five years 41
Low tax rate on business profits 39
A stable tax regime 38
Incentives for capital investment 31
The level of employment-related taxes 28
Dont know 19
Incentives for research and development 18
Taxation would not affect the decision 17
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
19/28
About five per cent of the population of Hong Kong payany significant taxes. It is a simple tax system. There is noVAT or sales tax, no tax on investment income and no
employment taxes paid by the employer. Corporation tax isonly 16.5 per cent. Confidence in Hong Kong is high,because the local economy never went into deep recession.It was held up by high real estate values due to investmentfrom mainland China.Gary James
Grant Thornton, Hong Kong
Taxing times 2010 17
-
8/8/2019 Gti Ibr Tax Report Final
20/28
18 Taxing times 2010
Some portions of the Japanese population think of taxes ascontributions to the government rather than costs and arenot as focused on saving taxes as other nationalities, in
particular western countries.Yoichi Ishizuka
Grant Thornton, Japan
-
8/8/2019 Gti Ibr Tax Report Final
21/28
Stability in the tax regime
Stability is a key factor that all PHBs look for inthe target country, not only in the tax regime, but
also in the government. In every geographical
region an average of 34 per cent or more of the
PHBs surveyed said they would be influenced to
invest by the degree of stability in the local tax
regime. This response was particularly high from
PHBs that have experienced political instability in
their home country, such as the Philippines and
Malaysia. However, a significant proportion of
PHBs from countries that are considered to be
politically stable such as Ireland and Australia,yearn for fiscal stability.
Taxing times 2010 19
Figure 9: Stable tax regime is influential when considering operating abroad
Percentage of businesses
Australia 79
Taiwan 79
Ireland 75
Philippines 72
Malaysia 71
Global average 38
Brazil 27
Russia 25
Italy 22
Japan 19
Thailand 12
Source: Grant Thornton IBR 2010
-
8/8/2019 Gti Ibr Tax Report Final
22/28
Incentives for investment
PHBs do not tend to rate tax incentives for capitalinvestment as highly as other forms of fiscal
incentive. Just 31 per cent of respondents indicated
they would look for this when opening an
operating base in another country. This response is
down from 36 per cent in 2009 and 41 per cent in
2008. Nordic countries are particularly
unimpressed by capital investment incentives with
an average of just 18 per cent of PHBs from those
countries saying they would be influenced by this.
Tax incentives for capital investment are most
popular with PHBs in Taiwan (80 per cent) andMalaysia (76 per cent).
Tax on business profits
Low tax on business profits is always a popularchoice of tax incentive for PHBs investing abroad.
In this survey 39 per cent of PHBs said they would
be influenced by a low tax rate on business profits
when considering where to set up operations in
another country. However, this figure is down from
2009 (42 per cent) and 2008 (48 per cent).
Certain nationalities have a very different
attitude to taxes raised on business profits, seeing
the levy as a responsibility rather than a burden.
For example only 29 per cent of Japanese PHBs
would be influenced by low taxes on businessprofits in their overseas investment decisions.
Targeted tax breaks
A well targeted tax break for investing businesses,
such as a tax holiday for five years, can have a big
influence on the decision to invest in another
country. This was the most influential tax option
for PHBs in 14 economies with Taiwan (84 per
cent), Australia (80 per cent) and the Philippines (76
per cent) topping the list. In comparison, only 20
per cent of businesses in Japan and 22 per cent in
Sweden cite this as an influence.
20 Taxing times 2010
-
8/8/2019 Gti Ibr Tax Report Final
23/28
The UK tax system has seen much change in the last decadeand may see more this year. Is it a stable, certain place to dobusiness? That is the challenge for any government to
encourage businesses to stay and relocate here.Francesca Lagerberg
Grant Thornton, United Kingdom
Taxing times 2010 21
-
8/8/2019 Gti Ibr Tax Report Final
24/28
22 Taxing times 2010
Employment related taxes are very high in Belgium; forevery one euro of net salary the employer bears a total costof three euros. The social security contributions alone can
amount to up to 40 per cent of the employees gross pay.The total payroll burden for employers has increased inthe last year because salaries are tied to the cost of livingindex by law. This meant employers were forced toincrease wages by four per cent on 1 January 2009 justwhen businesses were being squeezed from all sides bythe economic crisis.Georges Keymeulen
Grant Thornton, Belgium
-
8/8/2019 Gti Ibr Tax Report Final
25/28
The way forward: more co-operation
It is clear that there are some fundamental changes
occurring in tax systems around the world and thisinstability increases the tax risk for PHBs and
publicly owned multinational companies alike.
However, PHBs do not always have the same
freedom to transfer their operations to different
jurisdictions to find favourable tax regimes, as
multinational companies do.
When a PHB does expand its operations into
another country, the tax regime of the target
country is not necessarily high on the agenda, and
in some cases it is not considered until after the
decision to invest has been made. PHB owners needto pay more attention to the taxation systems of the
countries they operate in, as tax is a real cost for
their businesses.
Where the foreign tax regime is considered in
detail, PHBs tend to look for incentives for
investment that will relieve the types of tax burden
they suffer from in their home countries. For
example PHBs in northern Europe find
employment related taxes to be the most
burdensome. When European businesses consider
expansion into another country 40 per cent of them
want to know what level of employment related
taxes their new operating base will bear.
Taxing times 2010 23
PHBs across the globe consistently demand
stability from all tax systems. This is reasonableas a stable tax system is easier to understand and
comply with.
However, change is necessary as tax regimes
around the world need to become more
coordinated to attract and retain international
businesses.
The task for governments of all the major
economies is to sensibly manage the move towards
a streamlined international tax system.
Consultation with all interested parties is key, and
that means listening to the PHBs as well as to thelarger multinational companies. It will also involve
co-operation between governments, but this is a big
political ask, as the instinct of all politicians is to
protect their own tax base as opposed to moves that
would instil long term simplicity and stability in the
tax regime.
-
8/8/2019 Gti Ibr Tax Report Final
26/28
24 Taxing times 2010
Further information
About Grant Thornton
Grant Thornton International Ltd (Grant ThorntonInternational) is one of the worlds leading
organisations of independently owned and managed
accounting and consulting firms These firms provide
assurance, tax and specialist business advice to
privately held businesses and public interest entities.
Clients of member and correspondent firms can
access the knowledge and experience of more
than 2,600 partners in over 100 countries and
consistently receive a distinctive, high quality
service wherever they choose to do business.
Please contact Rita Duarte if you would like
more information on +44 (0) 20 7391 9564, email
[email protected] or visit the IBR website at
www.internationalbusinessreport.com.
healthcare, manufacturing, cleantech, food and
beverage, transport and hospitality.Data was collected using 15-minute telephone
interviews in most countries, and face to face
interviews or postal questionnaires where cultural
differences required a different approach. Fieldwork
was conducted locally from October to November
2009.
The survey was commissioned by Grant
Thornton International and conducted by an
independent market research agency, Experian
Business Strategies.
Further details about the IBR methodology
are available at:
www.internationalbusinessreport.com/Results
IBR methodology
Grant Thornton IBR 2010 surveyed a sample of over7,400 chief executive officers, managing directors,
chairmen or other senior executives in medium to
large privately held businesses (PHBs) across 36
economies. This unique survey draws upon 18 years
of trend data for most European participants and
seven years for many non-European economies. The
sample was randomly selected by number of
employees or revenue of the businesses.
A minimum sample size of 100 per country
was surveyed in order to guarantee statistical
reliability, although this number was higher in larger
economies. The global sample includes businesses
from all industry sectors with robust global data
available for ten industry sectors: construction
and real estate, technology, retail, financial services,
Antilles*
Argentina
Armenia
Australia
Austria
Bahamas
Bahrain
Belgium
Bermuda*
Bolivia
Botswana
Brazil
Bulgaria
Cambodia
Canada
Cayman Islands
Channel Islands
Chile
Mainland China
Colombia
Costa Rica
Cyprus
Czech Republic
Denmark
Dominican Republic
Egypt
Finland
France
Gabon*
Georgia
Germany
Ghana*
Gibraltar
Greece
Guatemala
Guinea
Guyana*
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran*
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kenya
Korea
Kosovo
Kuwait
Latvia*
Lebanon
Liechtenstein*
Luxembourg
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria*
Norway
Oman
Pakistan
Panama
Philippines
Poland
Portugal
Puerto Rico
Qatar
Romania*
Russia
Saudi Arabia
Serbia
Singapore
Slovak Republic
South Africa
Spain
Sri Lanka*
Sweden
Switzerland
Taiwan
Thailand
Tunisia
Turkey
Turks and Caicos*
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Venezuela
Vietnam
Yemen
Zambia
This list represents the countries and territories
where Grant Thornton International member and
correspondent* firms currently have operations.
April 2010.
Economies who participated in IBR 2010 are shown in bold.
*for a detailed explanation of the differences between
correspondent and member firms please visit www.gti.org
-
8/8/2019 Gti Ibr Tax Report Final
27/28
Tax contacts in IBR
participating economies
Argentina
Grant Thornton
Fernando Fucci
T +54 11 4105 0000
Armenia
Grant Thornton Amyot
Armand Pinarbasi
T +374 10 26 09 64
Australia
Grant Thornton
Peter Godber
T +61 07 3222 0200
Belgium
Grant Thornton
Georges Keymeulen
T +32 2 469 0100
Botswana
Grant Thornton
Rajesh Narasimhan
T + 267 -3912983
Brazil
Grant Thornton
Oscar Myint
T +44 (0)20 7391 9521
Canada
Raymond Chabot Grant Thornton
Jean Gauthier
T +1 514 393 4789
Canada
Grant Thornton
Gary Dent
T +1 416 360 4972
Chile
Surlatina Auditores
Jose Luis Aviles
T +56 2 651 3000
China (mainland)
Grant Thornton
Wilfred Chiu
T +86 10 5908 2102
Denmark
Grant Thornton
Hanne Sogaard Hansen
T +45 35 27 13 61
Finland
Grant Thornton
Santeri Kriinen
T +358 9 51 23 33 19
France
Grant Thornton
Jrme Bogaert
T +33 1 53 42 61 61
Germany
Grant Thornton
Paul Forst
T +49 211 49 55 49 295
Greece
Grant Thornton
Sotiris Gioussios
T +30 2 10 72 80 000E [email protected]
Hong Kong
Grant Thornton
Gary James
T +852 3746 3137
India
Grant Thornton
Pallavi Joshi Bakhru
T +91 11 4278 7016
Ireland
Grant Thornton
Frank Walsh
T +353 1 6805 607
Italy
Grant Thornton Bernoni & Partners
Alessandro Dragonetti
T +39 02 760 08 751
Japan
Grant Thornton
Yoichi Ishizuka
T +81 3 5770 8870
Malaysia
SJ Grant Thornton
Seah Siew Yun
T +60 3 2692 4022
Mexico
Salles, Sinz-Grant Thornton S.C.
Luis Arguelles
T +52 55 54 24 65 33
Netherlands
Grant Thornton
Jacob Mook
T +31 182 53 19 22
New Zealand
Grant Thornton
Greg Thompson
T +64 (0)4 495 3775
Philippines
Punongbayan & Araullo
Marivic C. Espao
T +63 2 886 5511E [email protected]
Poland
Grant Thornton Frckowiak
Dariusz Bednarski
T +48 22 205 48 41
Puerto Rico
Kevane Grant Thornton
Mara de los A. Rivera
T 787-754-1915
Russia
Grant Thornton
Alexander Sidorenko
T +7 495 258 99 90
Singapore
Foo Kon Tan Grant Thornton
Albert Ng
T +65 6304 2359
South Africa
Grant Thornton
Mike Teuchert
T +27 21 481 9123
Spain
Audihispana Grant Thornton
Francisco Benede
T +34 93 206 39 00
Sweden
Grant Thornton
Monica Soderlund
T +46 8 563 070 74
Taiwan
Grant Thornton
Jay Lo
T +886 2 275 82 688
Thailand
Grant Thornton
Edward Strauss
T +66 2 205 8120
Turkey
Grant Thornton
Aykut Halit
T +90 0 212 373 0000
United Kingdom
Grant Thornton
Francesca Lagerberg
T +44 207 728 3454
United States
Grant Thornton
Jeff Olin
T +1 312 602 8014
Vietnam
Grant Thornton
Ronald Parks
T +84 8 3910 9100
-
8/8/2019 Gti Ibr Tax Report Final
28/28
www.gti.org
www.internationalbusinessreport.com
2010 Grant Thornton International Ltd. All rights reserved.
Grant Thornton International Ltd (Grant Thornton International) and
the member firms are not a worldwide partnership. Services are